Levita Magnetics recently hit a major milestone after announcing the closing of its $26 million series C financing. The medical technology manufacturer stated that the financing was led by a health tech investment group managed by investor Evan Norton, with additional participation from MedTex Ventures, Invermaster, and Carao Ventures, among returning investors. The financing will be used to support the regulatory and short-term commercial efforts for its Magnetic-Assisted Robotic Surgery (MARS) platform.
“This round of funding will be used to submit for FDA clearance in the US by the end of this year, with the goal of bringing the MARS platform to market in 2023 and then the initial commercialization in a small number of key accounts,” said Maria Sainz, chairwoman of Levita Magnetics board of directors.
The MARS platform delivers the clinical benefits of the company’s first commercial product, the Levita Magnetic Surgical System, including less pain, faster recovery, and fewer scars, while adding the additional benefits of improved visualization, enhanced surgeon control of instruments, and increased hospital efficiency. The MARS platform also requires fewer assistive personnel to conduct procedures and is designed for outpatient or same-day patient discharge after high-volume abdominal surgeries.
“The MARS platform establishes a new category in robotics, so it is the first surgical robot to leverage magnetic technology,” Sainz told MD+DI. “MARS is based on Levita’s proprietary magnetic technology from its first FDA-cleared product, the Levita Magnetic Surgical System, which has been used in nearly 5,000 surgeries to date. MARS combines its magnetic technology with a robotic system that is designed to enable less pain, faster recovery, and fewer scars for patients. For surgeons and hospitals, its compact, console-free and versatile design has the potential to expand global accessibility to better robotic surgery. This funding will enable the company to be prepared for commercialization next year and to clinically evaluate the use of the first magnetic-assisted robotic surgery platform in real-world settings.”
More than 30 cases have been performed with the Levita Robotic Platform in a clinical trial in Chile. These procedures included obesity procedures (sleeve gastrectomy) and same-day discharge cholecystectomies. “In all cases, a reduced port technique was utilized, reducing the number of incisions for the patients,” according to a press release.
Additionally, Sainz told MD+DI that the company will be using a hybrid approach to manufacture the MARS system.
“Our manufacturing and supply chain strategy is a hybrid of in-house and external capabilities,” Sainz said. “We have partnered with several leading suppliers and OEM partners, with final assembly, test, and distribution from our headquarters in the US.”